Ezz Steel explains the reasons for the achievement of 1.3 billion pounds losses within 3 monthsVisits : 61

Ezz Steel explains the reasons for the achievement of 1.3 billion pounds losses within 3 months

In January 2019, one of the dams attached to an iron ore mine belonging to the Brazilian company Vale, one of the worlds leading iron ore suppliers, collapsed. It is also the largest supplier of the Ezz Steel Group. Fali announced to its customers that this is a "force majeure" according to the contracts. An unprecedented rise in the price of crude because of the lack of clarity of the ability of the company Vale to maintain its commitments to supply, and continued increase in the price of crude, despite the company said Valey then continue to supply most of the required quantities of its customers.

2. The increase in the price of iron ore coincided with the continued pressure on the price of finished products. The local company had reduced the price of reinforcing steel by LE 600 per ton in December 2018. This continued throughout the first quarter. Globally, World trade of flat steel and its price.

 Ezz Steel Company reported a net loss of EGP 1.3 billion during the first quarter of 2019 compared to EGP 184 million during the same period last year. Sales amounted to LE 12.61 billion compared to LE 12.6 billion.